SingPost: 1QFY17 results fall short; e-commerce still not delivering*
-1QFY17 core net profit $35.8m (-11%)
-1QFY17 revenue $333.4m (+31%) - bolstered by new subsidiaries in e-commerce and logistics
-Bottom line hit by loss of rental income, higher depreciation, and higher marketing expenses for US e-commerce biz
-Maintained 1Q DPS of 1.5¢
-Maybank KE views that SingPost will need to put in more investment to scale up e-commerce biz, thereby opines that street's earnings projection could be overly bullish
-weakening earnings may spark a challenge to maintain full year dividend payout of 7¢ in FY15
-Maybank KE maintains Sell, with street low TP of $1.29.
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